In today's mobile environment, people often find themselves traveling for substantial periods of time. Businesses and their employees are often located in multiple geographic locations. People and businesses often have a need or desire to consummate a financial transaction, for example trading, at a particular time and from a particular location. However, the exact times and locations are not always readily predictable.
Further, a single person in a fixed location may desire to execute financial transactions in different geographical locations using an appropriate methodology, for example through an electronic network such as the Internet or by telephone. This ability to execute financial transactions in different geographies provides a user the ability to, for example, access financial services on an around-the-clock basis from a single geographic location.
However, the laws, rules and regulations of different jurisdictions often require that financial transactions be consummated only after meeting stringent compliance requirements. Meeting these compliance requirements often requires that detailed information relating to the business or party executing the transactions be collected, evaluated for compliance, and kept current. For example audit requirements in some instances mandate that at least part of a user profile be synchronized across all locations.
These compliance requirements often make it difficult for financial services institutions to provide customers with the flexibility to perform financial transactions anywhere other than their “home” jurisdiction, that is the jurisdiction where their financial account is established and maintained.
In addition, users are not sympathetic to the shortcomings of technology and desire to commit transactions such as trading even if communication between locations has broken down.